20/1 Final Exam Flashcards
(18 cards)
The ……………… (EU), which coordinates monetary and economic policies among European nations, is and example of free trade bloc
European Union
……………………. (NAFTA). Created a free trade zone in North America
North American free trade agreement
The ………………… (GATT) aimed at reducing tariffs worldwide
General agreement on tariffs and trade
The ……………. (WTO), which replaced GATT and had greater authority to negotiate agreements and settle disputes
World trade organization
Satellites and computers increased ………………., the process by which national economies, politics, cultures, and societies become integrated with those of other nations around the world
Globalization
With the rise of ……………… and the decline of industries such as mining and manufacturing, the political power of labor unions has decreased and the wages of workers have fallen
The service economy
What effect did the development of robotics have on American businesses and why?
It made them more competitive bcz robots can deliver high-quality work around the clock
Discuss the positions of democrats and republicans with regard to free trade
Republicans: support free trade bcz it helps to lower costs and promotes business
Democrats: worry about losing American jobs and harming labor interests. As a result they tend to oppose free trade agreements
Why did some Americans oppose the nafta?
They feared that it would cause many people to lose their jobs
How has globalization affected people around the world?
It has hastened the economic development of some nations
Why do china, Brazil, and India cause concern for the US?
Their developing economies threaten to become significant competitors
What evidence supports the claim of some critics that developing countries do not have enough of a say in the world bank?
Recipient countries have no vote in IDA and little voting power in the IBRD
Based on the data, what is one effect of the increase in developing countries share of global manufacturing on Us economic development
The US has a growing trade deficit with developing countries
How did Sergey brin and Larry page shape the internet?
They created a way for internet users to efficiently locate info
How was satellites tech affected national economies?
It has increased globalization and expanded markets
What is the effect of just in time inventory stats?
They increased business efficiency by reducing inventory costs
Which factor has encouraged technological innovation?
Global competition
How has computer tech affected the US economy?
It has made businesses more efficient and competitive
